Common use of Impounds Clause in Contracts

Impounds. Any impounds payable by Trustor under the Loan Documents (“Impounds”) shall be deposited into one or more segregated or commingled accounts maintained by Beneficiary or its servicing agent. Except as otherwise provided in the Loan Documents, such account(s) shall not bear interest. Beneficiary shall not be a trustee, special depository or other fiduciary for Trustor with respect to such account. If no Default exists, Beneficiary shall apply all Impounds in accordance with the Loan Documents. If a Default exists, Beneficiary may apply any or all Impounds to any Secured Obligation or to cure such Default, whereupon Trustor shall promptly restore all Impounds so applied and cure all Defaults not cured by such application. The obligations of Trustor hereunder shall not be diminished by Trustor’s deposits of Impounds, except to the extent that such obligations are actually satisfied by Beneficiary’s application of such Impounds. Upon any assignment of this Deed of Trust, Beneficiary may assign all Impounds in its possession to Beneficiary’s assignee, whereupon Beneficiary shall be released from all liability with respect to such Impounds. Within sixty (60) days following full repayment of the Secured Obligations (other than as a consequence of foreclosure or conveyance in lieu of foreclosure) or at such earlier time as Beneficiary may elect, Beneficiary shall pay to Trustor all Impounds in its possession, and no other party shall have any right or claim thereto. Trustor shall deliver to Beneficiary, promptly upon receipt, all bills for taxes and insurance for which Beneficiary has required Impounds.

Impounds. Any impounds payable by Trustor Grantor under the Loan Documents (“Impounds”) shall be deposited into one or more segregated or commingled accounts maintained by Beneficiary Grantee or its servicing agent. Except as otherwise provided in the Loan Documents, such account(s) shall not bear interest. Beneficiary Grantee shall not be a trustee, special depository or other fiduciary for Trustor Grantor with respect to such account. If no Default exists, Beneficiary Grantee shall apply all Impounds in accordance with the Loan Documents. If a Default exists, Beneficiary Grantee may apply any or all Impounds to any Secured Obligation or to cure such Default, whereupon Trustor Grantor shall promptly restore all Impounds so applied and cure all Defaults not cured by such application. The obligations of Trustor Grantor hereunder shall not be diminished by TrustorGrantor’s deposits of Impounds, except to the extent that such obligations are actually satisfied by Beneficiary▇▇▇▇▇▇▇’s application of such Impounds. Upon any assignment of this Deed of TrustSecurity Deed, Beneficiary Grantee may assign all Impounds in its possession to Beneficiary▇▇▇▇▇▇▇’s assignee, whereupon Beneficiary Grantee shall be released from all liability with respect to such Impounds. Within sixty (60) days following full repayment of the Secured Obligations (other than as a consequence of foreclosure or conveyance in lieu of foreclosure) or at such earlier time as Beneficiary Grantee may elect, Beneficiary Grantee shall pay to Trustor Grantor all Impounds in its possession, and no other party shall have any right or claim thereto. Trustor Grantor shall deliver to BeneficiaryGrantee, promptly upon receipt, all bills for taxes and insurance for which Beneficiary Grantee has required Impounds.

Impounds. Any impounds payable by Trustor Mortgagor under the Loan Documents (“Impounds”) shall be deposited into one or more segregated or commingled accounts maintained by Beneficiary Mortgagee or its servicing agent. Except as otherwise provided in the Loan Documents, such account(s) shall not bear interest. Beneficiary Mortgagee shall not be a trustee, special depository or other fiduciary for Trustor Mortgagor with respect to such account. If no Default exists, Beneficiary Mortgagee shall apply all Impounds in accordance with the Loan Documents. If a Default exists, Beneficiary Mortgagee may apply any or all Impounds to any Secured Obligation or to cure such Default, whereupon Trustor Mortgagor shall MORTGAGE (SOUTH CAROLINA) ▇▇▇▇▇ Fargo/▇▇▇▇ Properties/Cracker Barrel Loan ▇▇. ▇▇-▇▇▇▇▇▇▇▇/▇▇▇▇▇ ▇▇. ▇▇▇ promptly restore all Impounds so applied and cure all Defaults not cured by such application. The obligations of Trustor Mortgagor hereunder shall not be diminished by TrustorMortgagor’s deposits of Impounds, except to the extent that such obligations are actually satisfied by BeneficiaryMortgagee’s application of such Impounds. Upon any assignment of this Deed of TrustMortgage, Beneficiary Mortgagee may assign all Impounds in its possession to BeneficiaryMortgagee’s assignee, whereupon Beneficiary Mortgagee shall be released from all liability with respect to such Impounds. Within sixty (60) days following full repayment of the Secured Obligations (other than as a consequence of foreclosure or conveyance in lieu of foreclosure) or at such earlier time as Beneficiary Mortgagee may elect, Beneficiary Mortgagee shall pay to Trustor Mortgagor all Impounds in its possession, and no other party shall have any right or claim thereto. Trustor Mortgagor shall deliver to BeneficiaryMortgagee, promptly upon receipt, all bills for taxes and insurance for which Beneficiary Mortgagee has required Impounds.

Impounds. Any impounds payable by Trustor Grantor under the Loan Documents (“Impounds”) shall be deposited into one or more segregated or commingled accounts maintained by Beneficiary Lender or its servicing agent. Except as otherwise provided in the Loan Documents, such account(s) shall not bear interest. Beneficiary Lender shall not be a trustee, special depository or other fiduciary for Trustor Grantor with respect to such account. If no Default exists, Beneficiary Lender shall apply all Impounds in accordance with the Loan Documents. If a Default exists, Beneficiary Lender may apply any or all Impounds to any Secured Obligation or to cure such Default, whereupon Trustor Grantor shall promptly restore all Impounds so applied and cure all Defaults not cured by such application. The obligations of Trustor Grantor hereunder shall not be diminished by TrustorGrantor’s deposits of Impounds, except to the extent that such obligations are actually satisfied by BeneficiaryLender’s application of such Impounds. Upon any assignment of this Deed of Trust, Beneficiary Lender may assign all Impounds in its possession to BeneficiaryDEED OF TRUST (VIRGINIA) ▇▇▇▇▇ Fargo/▇▇▇▇ Properties/Cracker Barrel Loan ▇▇. ▇▇-▇▇▇▇▇▇▇▇/▇▇▇▇▇ ▇▇. ▇▇▇ Lender’s assignee, whereupon Beneficiary Lender shall be released from all liability with respect to such Impounds. Within sixty (60) days following full repayment of the Secured Obligations (other than as a consequence of foreclosure or conveyance in lieu of foreclosure) or at such earlier time as Beneficiary Lender may elect, Beneficiary Lender shall pay to Trustor Grantor all Impounds in its possession, and no other party shall have any right or claim thereto. Trustor Grantor shall deliver to BeneficiaryLender, promptly upon receipt, all bills for taxes and insurance for which Beneficiary Lender has required Impounds.

Impounds. Any impounds payable by Trustor Grantor under the Loan Documents (“Impounds”) shall be deposited into one or more segregated or commingled accounts maintained by Beneficiary Lender or its servicing agent. Except as otherwise provided in the Loan Documents, such account(s) shall not bear interest. Beneficiary Lender shall not be a trustee, special depository or other fiduciary for Trustor Grantor with respect to such account. If no Default exists, Beneficiary Lender shall apply all Impounds in accordance with the Loan Documents. If a Default exists, Beneficiary Lender may apply any or all Impounds to any Secured Obligation or to cure such Default, whereupon Trustor Grantor shall promptly restore all Impounds so applied and cure all Defaults not cured by such application. The obligations of Trustor Grantor hereunder shall not be diminished by TrustorGrantor’s deposits of Impounds, except to the extent that such obligations are actually satisfied by Beneficiary▇▇▇▇▇▇’s application of such Impounds. Upon any assignment of this Deed of Trust, Beneficiary ▇▇▇▇▇▇ may assign all Impounds in its possession to BeneficiaryDEED OF TRUST (VIRGINIA) ▇▇▇▇▇ Fargo/▇▇▇▇ Properties/Cracker Barrel Loan No. 02-62113748/Store No. 568 ▇▇▇▇▇▇’s assignee, whereupon Beneficiary Lender shall be released from all liability with respect to such Impounds. Within sixty (60) days following full repayment of the Secured Obligations (other than as a consequence of foreclosure or conveyance in lieu of foreclosure) or at such earlier time as Beneficiary Lender may elect, Beneficiary Lender shall pay to Trustor Grantor all Impounds in its possession, and no other party shall have any right or claim thereto. Trustor Grantor shall deliver to BeneficiaryLender, promptly upon receipt, all bills for taxes and insurance for which Beneficiary ▇▇▇▇▇▇ has required Impounds.

Impounds. Any impounds payable by Trustor Grantor under the Loan Documents (“Impounds”) shall be deposited into one or more segregated or commingled accounts maintained by Beneficiary Lender or its servicing agent. Except as otherwise provided in the Loan Documents, such account(s) shall not bear interest. Beneficiary Lender shall not be a trustee, special depository or other fiduciary for Trustor Grantor with respect to such account. If no Default exists, Beneficiary Lender shall apply all Impounds in accordance with the Loan Documents. If a Default exists, Beneficiary Lender may apply any or all Impounds to any Secured Obligation or to cure such Default, whereupon Trustor Grantor shall promptly restore all Impounds so applied and cure all Defaults not cured by such application. The obligations of Trustor Grantor hereunder shall not be diminished by TrustorGrantor’s deposits of Impounds, except to the extent that such obligations are actually satisfied by BeneficiaryLender’s application of such Impounds. Upon any assignment of this Deed of Trust, Beneficiary Lender may assign all Impounds in its possession to BeneficiaryDEED OF TRUST (VIRGINIA) ▇▇▇▇▇ Fargo/▇▇▇▇ Properties/Cracker Barrel Loan No. ▇▇-▇▇▇▇▇▇▇▇/▇▇▇▇▇ ▇▇. ▇▇▇ Lender’s assignee, whereupon Beneficiary Lender shall be released from all liability with respect to such Impounds. Within sixty (60) days following full repayment of the Secured Obligations (other than as a consequence of foreclosure or conveyance in lieu of foreclosure) or at such earlier time as Beneficiary Lender may elect, Beneficiary Lender shall pay to Trustor Grantor all Impounds in its possession, and no other party shall have any right or claim thereto. Trustor Grantor shall deliver to BeneficiaryLender, promptly upon receipt, all bills for taxes and insurance for which Beneficiary Lender has required Impounds.

Impounds. Any impounds payable by Trustor Grantor under the Loan Documents (“Impounds”) shall be deposited into one or more segregated or commingled accounts maintained by Beneficiary Lender or its servicing agent. Except as otherwise provided in the Loan Documents, such account(s) shall not bear interest. Beneficiary Lender shall not be a trustee, special depository or other fiduciary for Trustor Grantor with respect to such account. If no Default exists, Beneficiary Lender shall apply all Impounds in accordance with the Loan Documents. If a Default exists, Beneficiary Lender may apply any or all Impounds to any Secured Obligation or to cure such Default, whereupon Trustor Grantor shall promptly restore all Impounds so applied and cure all Defaults not cured by such application. The obligations of Trustor Grantor hereunder shall not be diminished by TrustorGrantor’s deposits of Impounds, except to the extent that such obligations are actually satisfied by Beneficiary▇▇▇▇▇▇’s application of such Impounds. Upon any assignment of this Deed of Trust, Beneficiary ▇▇▇▇▇▇ may assign all Impounds in its possession to BeneficiaryDEED OF TRUST (VIRGINIA) ▇▇▇▇▇ Fargo/▇▇▇▇ Properties/Cracker Barrel Loan No. 02-62113730/Store No. 560 ▇▇▇▇▇▇’s assignee, whereupon Beneficiary Lender shall be released from all liability with respect to such Impounds. Within sixty (60) days following full repayment of the Secured Obligations (other than as a consequence of foreclosure or conveyance in lieu of foreclosure) or at such earlier time as Beneficiary Lender may elect, Beneficiary Lender shall pay to Trustor Grantor all Impounds in its possession, and no other party shall have any right or claim thereto. Trustor Grantor shall deliver to BeneficiaryLender, promptly upon receipt, all bills for taxes and insurance for which Beneficiary ▇▇▇▇▇▇ has required Impounds.